THE WEEKLY TRACK - NO GOLDILOCKS
The US non-farm payrolls were not too hot, nor too cold, but just right for the potential risk of a December FOMC rate hike – and so we are the reverse from Goldilocks where “just right†data is not good for markets. The end of the IMF/G20 meetings didn’t produce any great consensus, but a between the lines message warning that weak growth is opening the ongoing risk for political nightmares, potentially leading to governments that see global cooperation and trade relationships as less important. The focus on the week ahead may be the more mundane reality of 3Q earnings which requires some upside surprise to jolt markets higher.
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